Magnum Ice Cream (NYSE:MICC) Reaches New 52-Week Low - Time to Sell?

Key Points

• New 52-week low: Magnum Ice Cream shares fell to as low as $13.03 and last traded at $13.0450 on volume of 349,781, down about 1.7% and trading below its 50‑day SMA of $14.99.
• Analyst sentiment turned negative: The consensus rating is "Reduce" after several downgrades (Goldman Sachs, Zacks, BNP Paribas), with the current breakdown at 1 Buy, 2 Hold and 3 Sell.
• Despite the weakness, a number of institutional investors added new positions in Q4, led by Compagnie Lombard Odier (≈$3.01M) and smaller stakes from Bank Pictet, Banque Pictet, Blue Trust and First Pacific.

The Magnum Ice Cream Company N.V. (NYSE:MICC - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $13.03 and last traded at $13.0450, with a volume of 349781 shares traded. The stock had previously closed at $13.23.

Analyst Ratings Changes

Several research firms recently commented on MICC. The Goldman Sachs Group cut Magnum Ice Cream from a "neutral" rating to a "sell" rating in a research note on Friday, March 20th. Zacks Research cut Magnum Ice Cream from a "hold" rating to a "strong sell" rating in a research note on Thursday, March 5th. BNP Paribas Exane cut Magnum Ice Cream to a "neutral" rating in a research note on Tuesday, April 21st. Oddo Bhf initiated coverage on Magnum Ice Cream in a research report on Thursday, January 15th. They set an "outperform" rating on the stock. Finally, Berenberg Bank upgraded Magnum Ice Cream to a "hold" rating in a research report on Friday, February 27th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Magnum Ice Cream currently has a consensus rating of "Reduce".

Magnum Ice Cream Stock Down 1.7%

The business's 50 day simple moving average is $14.99.

Hedge Funds Weigh In On Magnum Ice Cream

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MICC. Compagnie Lombard Odier SCmA bought a new position in Magnum Ice Cream during the 4th quarter valued at $3,008,000. Bank Pictet & Cie Europe AG bought a new position in Magnum Ice Cream during the 4th quarter valued at $197,000. Banque Pictet & Cie SA bought a new position in Magnum Ice Cream during the 4th quarter valued at $729,000. Blue Trust Inc. bought a new position in Magnum Ice Cream during the 4th quarter valued at $135,000. Finally, First Pacific Financial bought a new position in Magnum Ice Cream during the 4th quarter valued at $42,000.

Magnum Ice Cream Company Profile

The Magnum Ice Cream Company N.V. engages in ice cream business. The Magnum Ice Cream Company N.V. is based in Amsterdam, Noord-Holland, Netherlands.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.